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Originally Posted by Manx
The discussion I was having had to do with SES being far more of a factor in predicting high wages - not higher wages than ones parents.
In the case of the latter, I agree that IQ would be more of a factor. I do not see SES as a significant factor in relatively marginal increases in wealth over previous generations.
Sorry for the confusion.
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I wasn't just arguing "higher wages than ones parents" either. I used the within-family study by Waller as an example of controlling for SES through sampling (rather than statistically) to see what influence IQ has. (Prior sources of evidence I cited, controlled for SES and IQ statistically).
Now, outrageously wealthy people, people who have had outrageous amounts of money for generations and generations, even if they are of lower IQ than their parents will likely remain quite wealthy. However, 1) they don't represent the majority of whom I would consider rich, and 2) if they continue to have lower and lower IQs, they will lose their fortunes over generations.